For the quarter, revenues rose 15 percent to a record $400.4 million, the highest quarterly revenue in the history of the Company. Revenues generated outside the United States were $102.3 million, or 26 percent of total revenues; also a record. Earnings per diluted share for the quarter were $0.40, including a previously announced special charge of $16.8 million, or $0.24 per diluted share. Adjusted EPS for the quarter, excluding this special charge was $0.64, a 23 percent increase over Adjusted EPS of $0.52 in the second quarter of 2010 in which no special charges were incurred. Adjusted EBITDA was $66.5 million, or 16.6 percent of revenues, compared to Adjusted EBITDA of $65.5 million, or 18.8 percent of revenues, in the prior year period.

Commenting on these results, Jack Dunn, President and Chief Executive Officer of the Company said: "In the quarter, our strategy of delivering a portfolio of gold standard, diversified services from a global platform produced outstanding results. Revenues in our pro cyclical businesses grew 25 percent, more than offsetting continuing headwinds experienced in our restructuring business. Revenues outside the United States increased by 41 percent. Organic revenue growth for the pro cyclical businesses was 16 percent before contribution from the professionals who joined us from LECG, and these professionals are exceeding our expectations. The Economic Consulting and Technology segments both produced all time record revenue quarters, growing by 46 percent and 33 percent, respectively. Forensic and Litigation Consulting reported a strong quarter with 16 percent growth and Strategic Communications more than held its own."

"We remain confident in our performance and continue to expect a very solid year of growth in revenues and earnings per share. Based on the strong results in the first half across our pro-cyclical businesses, tempered by the anticipated normal seasonal slowdown in the third quarter, we are reaffirming the full year revenue and Adjusted EPS guidance we gave in May."

Operating cash flow in the quarter was $26.4 million compared to $49.2 million in the prior year's quarter. This decline was primarily a result of the decline in, and shifts in the mix of, the Corporate Finance/Restructuring segment and the increase in the Economic Consulting segment, including the LECG transaction. Overall, cash collections for the quarter were strong at approximately $347 million, and the current collection experience of our accounts receivable by practice has not changed materially.

During the quarter, the Company received and retired approximately 628,000 shares of its common stock pursuant to the accelerated stock buyback transaction entered into in March 2011 bringing the total number of shares received under this transaction to approximately 5,062,000. Under the terms of the transaction, the Company may receive additional shares later in 2011 depending on the average price of the Company's stock.

Second Quarter Segment Results

Corporate Finance/Restructuring

Revenues in the Corporate Finance/Restructuring segment were $101.9 million compared with $111.1 million in the second quarter of the prior year. The decline in demand for restructuring and bankruptcy services resulted from continued improvements in the credit markets and the macroeconomic environment. This decline was somewhat offset by growth from the segment's acquired business in Asia and improvements in the healthcare practice. Adjusted Segment EBITDA was $17.3 million, or 17.0 percent of segment revenues, compared with Adjusted Segment EBITDA of $26.0 million, or 23.4 percent of segment revenues, in the prior year quarter. Adjusted Segment EBITDA margins declined primarily due to lower demand.

Forensic and Litigation Consulting

Revenues in the Forensic and Litigation Consulting segment increased 15.6 percent to $93.4 million from $80.8 million in the second quarter of the prior year. Organic revenue growth of $7.6 million, or 9.5 percent, was primarily driven by increased demand from construction, forensic investigations, insurance and compliance related engagements. The Adjusted Segment EBITDA margin declined to 20.6% of revenue from 24.0% in the prior year quarter primarily due to increasing headcount, including the addition of approximately 50 professionals from LECG, who are expected to continue ramping up their productivity in the last half of 2011.

Economic Consulting

Revenues in the Economic Consulting segment increased 46.4 percent to a record $94.5 million from $64.6 million in the second quarter of the prior year. Organic revenue growth was $11.9 million, or 18.5%, compared to the prior year quarter. Organic growth was primarily attributable to increased demand in merger and acquisition activity, financial disputes and the European international arbitration practice. Adjusted Segment EBITDA was $18.9 million, or 20.0 percent of segment revenues, compared to Adjusted Segment EBITDA of $11.5 million, or 17.7 percent of segment revenues, for the prior year quarter. Adjusted Segment EBITDA margins improved due to higher overall volume and utilization.

Technology

Revenues in the Technology segment increased 33.5 percent to $57.1 million from $42.8 million in the second quarter of the prior year, the segment's second consecutive record revenue quarter. The segment saw significant increases in litigation and investigation activity and the Acuity(TM) offering continued to gain momentum during the quarter. The segment also continued to benefit from several large client assignments. Both unit-based and product licensing revenue increased compared to the prior year quarter with unit-based revenue improving due to higher volumes while pricing was relatively stable on the combined mix of offerings. The segment continued to report excellent margins, with Adjusted Segment EBITDA of $20.7 million, or 36.2 percent of segment revenues, compared to Adjusted Segment EBITDA of $15.9 million, or 37.1 percent of segment revenues, in the prior year quarter.

Strategic Communications

Revenues in the Strategic Communications segment increased 7.5 percent to $53.6 million from $49.8 million in the second quarter of the prior year. Adjusted Segment EBITDA was $6.5 million, or 12.1 percent of segment revenues, compared to Adjusted Segment EBITDA of $8.6 million, or 17.3 percent of segment revenues, in the prior year quarter. Adjusted Segment EBITDA margins were impacted by the final payment of incentive compensation related to an acquisition.

Reaffirmed 2011 Guidance

Based on current market conditions, the Company continues to estimate that revenues for the year will be between $1.50 billion and $1.54 billion and Adjusted EPS will be between $2.30 and $2.45.

Second Quarter Conference Call

FTI will hold a conference call for analysts and investors to discuss second quarter financial results at 9:00 AM Eastern Time on August 4, 2011. The call can be accessed live and will be available for replay over the Internet for 90 days by logging onto the Company's website, http://www.fticonsulting.com/.

About FTI Consulting

FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,700 employees located in 22 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. The company generated $1.4 billion in revenues during fiscal year 2010. More information can be found at http://www.fticonsulting.com/.

Use of Non-GAAP Measure

Note: We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. We define Adjusted Segment EBITDA as a segment's share of consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. We define Adjusted Net Income as the net income excluding the impact of the special charges and debt extinguishment costs that were incurred in that period. We define Adjusted earnings per diluted share (Adjusted EPS) as earnings per diluted share excluding the per share impact of the special charges and debt extinguishment costs that were incurred in that period. Although Adjusted EBITDA, Adjusted Segment EBITDA, Adjusted Net Income and Adjusted EPS are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures can be a useful operating performance measure for evaluating our results of operations as compared from period to period and as compared to our competitors. EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are common alternative measures of operating performance which may be used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments.

Adjusted EBITDA, Adjusted Segment EBITDA, Adjusted Net Income and Adjusted EPS are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our statements of income. Reconciliations of operating income to Adjusted EBITDA, segment operating income to Adjusted Segment EBITDA, net income to Adjusted Net Income and EPS to Adjusted EPS are included in the accompanying tables to today's press release.

Safe Harbor Statement

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve uncertainties and risks. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues, future results and performance, expectations, plans or intentions relating to acquisitions and other matters, business trends and other information that is not historical, including statements regarding estimates of our future financial results. When used in this press release, words such as "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts" and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, estimates of our future financial results, are based upon our expectations at the time we make them and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and estimates will result or be achieved or that actual results will not differ from estimates or expectations. The Company's actual results may differ from our expectations. Further, preliminary results are subject to normal year-end adjustments. The Company has experienced fluctuating revenues, operating income and cash flow in some prior periods and expects that this will occur from time to time in the future. Other factors that could cause such differences include declines in demand for, or changes in, the mix of services and products that we offer, adverse financial, real estate or other market and general economic conditions, which could impact each of our segments differently, the pace and timing of the consummation and integration of past and future acquisitions, the Company's ability to realize cost savings and efficiencies, competitive and general economic conditions, retention of staff and clients and other risks described under the heading "Item 1A. Risk Factors" in the Company's most recent Form 10-K and in the Company's other filings with the Securities and Exchange Commission, including the risks set forth under "Risks Related to Our Business Segments" and "Risks Related to Our Operations". We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so.

FTI CONSULTING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010

(in thousands, except per share data)

Six Months Ended

June 30,

2011

2010

(unaudited)

Revenues

$ 762,253

$ 699,073

Operating expenses

Direct cost of revenues

466,176

406,491

Selling, general and administrative expense

183,548

166,603

Special charges

16,772

30,245

Amortization of other intangible assets

10,952

11,943

677,448

615,282

Operating income

84,805

83,791

Other income (expense)

Interest income and other

4,923

2,213

Interest expense

(29,810)

(22,696)

(24,887)

(20,483)

Income before income tax provision

59,918

63,308

Income tax provision

21,208

24,057

Net income

$ 38,710

$ 39,251

Earnings per common share - basic

$ 0.92

$ 0.86

Weighted average common shares outstanding - basic

42,223

45,828

Earnings per common share - diluted

$ 0.88

$ 0.82

Weighted average common shares outstanding - diluted

44,070

48,153

FTI CONSULTING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED JUNE 30, 2011 AND 2010

(in thousands, except per share data)

Three Months Ended

June 30,

2011

2010

(unaudited)

Revenues

$ 400,437

$ 349,033

Operating expenses

Direct cost of revenues

247,036

209,031

Selling, general and administrative expense

94,819

82,202

Special charges

16,772

-

Amortization of other intangible assets

5,498

5,852

364,125

297,085

Operating income

36,312

51,948

Other income (expense)

Interest income and other

2,923

(141)

Interest expense

(14,500)

(11,378)

(11,577)

(11,519)

Income before income tax provision

24,735

40,429

Income tax provision

7,823

15,363

Net income

$ 16,912

$ 25,066

Earnings per common share - basic

$ 0.42

$ 0.55

Weighted average common shares outstanding - basic

40,587

45,857

Earnings per common share - diluted

$ 0.40

$ 0.52

Weighted average common shares outstanding - diluted

42,518

48,176

FTI CONSULTING, INC.

OPERATING RESULTS BY BUSINESS SEGMENT

(unaudited)

Average

Revenue-

Adjusted

Billable

Generating

Revenues

EBITDA (1)

Margin

Utilization

Rate

Headcount

(in thousands)

Three Months Ended June 30, 2011

Corporate Finance/Restructuring

$ 101,896

$ 17,311

17.0%

65%

$ 420

730

Forensic and Litigation Consulting

93,368

19,232

20.6%

71%

$ 330

863

Economic Consulting

94,480

18,914

20.0%

86%

$ 496

409

Technology (2)

57,130

20,692

36.2%

N/M

N/M

261

Strategic Communications (2)

53,563

6,457

12.1%

N/M

N/M

562

$ 400,437

82,606

20.6%

N/M

N/M

2,825

Corporate

(16,082)

Adjusted EBITDA (1)

$ 66,524

16.6%

Six Months Ended June 30, 2011

Corporate Finance/Restructuring

$ 209,150

$ 38,832

18.6%

68%

$ 426

730

Forensic and Litigation Consulting

176,281

36,110

20.5%

70%

$ 330

863

Economic Consulting

168,739

32,156

19.1%

87%

$ 487

409

Technology (2)

108,165

39,323

36.4%

N/M

N/M

261

Strategic Communications (2)

99,918

11,865

11.9%

N/M

N/M

562

$ 762,253

158,286

20.8%

N/M

N/M

2,825

Corporate

(30,074)

Adjusted EBITDA (1)

$ 128,212

16.8%

Three Months Ended June 30, 2010

Corporate Finance/Restructuring

$ 111,095

$ 25,977

23.4%

65%

$ 438

683

Forensic and Litigation Consulting (3)

80,754

19,346

24.0%

72%

$ 327

784

Economic Consulting

64,552

11,453

17.7%

77%

$ 472

286

Technology (2)

42,791

15,857

37.1%

N/M

N/M

234

Strategic Communications (2)

49,841

8,635

17.3%

N/M

N/M

561

$ 349,033

81,268

23.3%

N/M

N/M

2,548

Corporate

(15,810)

Adjusted EBITDA (1)

$ 65,458

18.8%

Six Months Ended June 30, 2010

Corporate Finance/Restructuring

$ 228,562

$ 60,696

26.6%

67%

$ 448

683

Forensic and Litigation Consulting (3)

159,432

39,130

24.5%

74%

$ 319

784

Economic Consulting

131,859

24,973

18.9%

80%

$ 470

286

Technology (2)

86,164

33,118

38.4%

N/M

N/M

234

Strategic Communications (2)

93,056

14,377

15.4%

N/M

N/M

561

$ 699,073

172,294

24.6%

N/M

N/M

2,548

Corporate

(30,954)

Adjusted EBITDA (1)

$ 141,340

20.2%

(1) We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Amounts presented in the Adjusted EBITDA column for each segment reflect the segments' respective Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as the segments' share of consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Although Adjusted EBITDA and Adjusted Segment EBITDA are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures can be a useful operating performance measure for evaluating our results of operations as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments.

Adjusted EBITDA and Adjusted Segment EBITDA are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Statements of Income. See also our reconciliation of non-GAAP financial measures.

(2) The majority of the Technology and Strategic Communications segments' revenues are not generated based on billable hours. Accordingly, utilization and average billable rate metrics are not presented as they are not meaningful as a segment-wide metric.

(3) 2010 utilization and average billable rate calculations were updated to include information related to non-domestic operations that was not available in 2010.

FTI CONSULTING, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2011

2010

2011

2010

Net income

$ 16,912

$ 25,066

$ 38,710

$ 39,251

Add back: Special charges, net of taxes of $6,574 (2011) and $12,176 (2010)

$ 10,198

$ -

$ 10,198

$ 18,069

Adjusted net income (1)

$ 27,110

$ 25,066

$ 48,908

$ 57,320

Earnings per common share - diluted

$ 0.40

$ 0.52

$ 0.88

$ 0.82

Adjusted earnings per common share - diluted (1)

$ 0.64

$ 0.52

$ 1.11

$ 1.19

Weighted average common shares outstanding - diluted

42,518

48,176

44,070

48,153

(1) We define Adjusted net income and Adjusted earnings per diluted share as net income and earnings per diluted share, respectively, excluding the impact of the special charges and loss on early extinguishment of debt that were incurred in that period, and their related income tax effects.

RECONCILIATION OF OPERATING INCOME AND NET INCOME TO ADJUSTED EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 2011

Corporate Finance / Restructuring

Forensic and Litigation Consulting

Economic Consulting

Technology

Strategic Communi- cations

Corp HQ

Total

Net income

$ 16,912

Interest income and other

(2,923)

Interest expense

14,500

Income tax provision

7,823

Operating income

$ 3,289

$ 16,849

$ 15,889

$ 15,973

$ 4,511

$ (20,199)

36,312

Depreciation and amortization

894

857

635

2,741

739

1,277

7,143

Amortization of other intangible assets

1,420

596

297

1,978

1,207

-

5,498

Special charges

11,000

839

2,093

-

-

2,840

16,772

Accretion of contingent consideration

708

91

-

-

-

-

799

Adjusted EBITDA (1)

17,311

19,232

18,914

20,692

6,457

(16,082)

66,524

Six Months Ended June 30, 2011

Net income

$ 38,710

Interest income and other

(4,923)

Interest expense

29,810

Income tax provision

21,208

Operating income

$ 21,809

$ 32,192

$ 28,267

$ 29,944

$ 7,981

$ (35,388)

84,805

Depreciation and amortization

1,770

1,712

1,203

5,425

1,504

2,474

14,088

Amortization of other intangible assets

2,838

1,187

593

3,954

2,380

-

10,952

Special charges

11,000

839

2,093

-

-

2,840

16,772

Accretion of contingent consideration

1,415

180

-

-

-

-

1,595

Adjusted EBITDA (1)

38,832

36,110

32,156

39,323

11,865

(30,074)

128,212

Three Months Ended June 30, 2010

Net income

$ 25,066

Interest income and other

141

Interest expense

11,378

Income tax provision

15,363

Operating income

$ 23,567

$ 17,537

$ 10,459

$ 10,991

$ 6,550

$ (17,156)

51,948

Depreciation and amortization

927

843

684

3,033

825

1,346

7,658

Amortization of other intangible assets

1,483

966

310

1,833

1,260

-

5,852

Adjusted EBITDA (1)

25,977

19,346

11,453

15,857

8,635

(15,810)

65,458

Six Months Ended June 30, 2010

Net income

$ 39,251

Interest income and other

(2,213)

Interest expense

22,696

Income tax provision

24,057

Operating income

$ 49,211

$ 29,937

$ 16,225

$ 18,293

$ 8,897

$ (38,772)

83,791

Depreciation and amortization

1,921

1,672

1,314

6,083

1,648

2,723

15,361

Amortization of other intangible assets

2,975

1,961

620

3,815

2,572

-

11,943

Special charges

6,589

5,560

6,814

4,927

1,260

5,095

30,245

Adjusted EBITDA (1)

60,696

39,130

24,973

33,118

14,377

(30,954)

141,340

(1) We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Amounts presented in the Adjusted EBITDA column for each segment reflect the segments' respective Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as a segments' share of consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Although Adjusted EBITDA and Adjusted Segment EBITDA are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures can be a useful operating performance measure for evaluating our results of operations as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments.

Adjusted EBITDA and Adjusted Segment EBITDA are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Statements of Income. See also our reconciliation of Non-GAAP financial measures.

FTI CONSULTING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 and 2010

(in thousands)

Six Months Ended

June 30,

2011

2010

(unaudited)

Operating activities

Net income

$ 38,710

$ 39,251

Adjustments to reconcile net income to net cash (used in)

provided by operating activities:

Depreciation, amortization and accretion

15,683

15,361

Amortization of other intangible assets

10,952

11,943

Provision for doubtful accounts

5,768

4,618

Non-cash share-based compensation

15,942

14,651

Excess tax benefits from share-based compensation

(124)

(625)

Non-cash interest expense

4,190

3,599

Other

136

(315)

Changes in operating assets and liabilities, net of effects from acquisitions: